VIDEO: At 93, She Waged War on JPMorgan and Her Grandsons
Video courtesy of Bloomberg News
Archive for month: May, 2021
The Grandmother Who Won Her Elder Fraud Case Against Her Grandsons
by Richard Eisenberg – May 28, 2021
Read the article on forbes.com
‘Friends Talk Money’ podcast hosts share cautionary advice based on the Beverley Schottenstein story.
Wealthy Beverley Schottenstein won a landmark case against her grandson brokers
The Beverley Schottenstein $80 million elder financial fraud story is one you won’t believe. But, as my “Friends Talk Money” podcast co-hosts and I explained in our two latest episodes, it’s one you need to know about to protect your parents from becoming victims themselves.
Schottenstein, 94, recently won $19 million in her arbitration case against J.P. Morgan Securities and her grandsons Avi and Evan Schottenstein, her brokers there for five years, ostensibly managing her millions. (Schottenstein is matriarch of the family’s Columbus, Ohio retail dynasty, whose stores included Value City and American Eagle Outfitters AEO -1.5%.)
Problem is, the grandsons wouldn’t tell their grandmother what stocks they were buying and selling. They made hundreds of transactions this way, Schottenstein said. Read more